TruMid started out trading high-yield and distressed bonds, and
it added
investment-grade bonds to its service earlier this month. It
plans to launch credit default swap trading in the fourth
quarter.

Trading is focused on 10-minute periods called swarms, with
the idea being that having small windows of trading focuses
liquidity in specific periods of time.

The firm was set up by Ronnie Mateo, who previously worked
at inter-dealer broker Trinity Brokers, and has added
numerous well-known Wall Street traders to its ranks since its
formation.

Trading
at TruMid is focused around "swarms."

They include Mike Sobel, a former head of high-yield bond trading
at Lehman Brothers and Barclays, and Mike Martinic, who
previously ran quantitative and fundamental credit trading
for Citadel Asset Management.

While Reed at TruMid declined to comment on an investment, he did
shed some light on TruMid's development since launch.

The platform has 182 clients signed up and onboarded to the
platform, he said, made up of 24 dealers, 116 hedge funds and 42
so-called real-money investors. The platform has another 370
accounts in the process of being onboarded.

The platform has traded over $2 billion worth of high-yield and
distressed bonds since launch, he added.